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Robin, Another question for you on the rental situation. I'm…

Robin,Another question for you on...
Robin,Another question for you on the rental situation. I'm renting 10% of my home out based on square footage. I just bought the home last year. Do I put 10% of my mortgage interest as attributed to the rental and the other 90% to my personal deductions as I've been doing with everything else? Also, what about MIP/PMI--the mortgage insurance I'm paying--currently I only have that claimed under my own deductions and not divided out between my rental and personal--I'm using TurboTax and it doesn't look like it has an area for PMI underneath the rental section--none of them seem to fit.Any help on these issues is greatly appreciated! TurboTax says it autopopulates some things for you, but I don't see how it can as I can' t seem to find an area where I enter what percentage of my house I'm renting.Dawnee
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Answered in 27 minutes by:
3/24/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,219
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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You are correct . The 10% is for all the costs that relate to home and claimed under rental.

The PMI is treated as qualified residence interest under IRC section 163(h)(3)(E)(iv) so add it to your interest.

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Customer reply replied 3 months ago
To the mortgage interest?

Yes

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Customer reply replied 3 months ago
Great, thanks! And thanks for the reference to the law/ reg. I'll look through that too.

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,219
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. and 87 other Tax Specialists are ready to help you
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Customer reply replied 3 months ago
How would I allot days for personal vs rental if I owned my home for 274 days and had a roommate for 170 of those days--would I put 274 for personal because I used it personally even during the rental days and then 170 for rental? That totals over 365. Or would I put 170 for rental and 104 for personal (doesn't seem to make sense as I used it for personal during the rental days). Or would I put 189 personal days (85 days for half the rental days of 170 plus the 104 days of personal) and 85 for rental?

You split then by the sq ft that was rented for the roommate. If you are still in the home and you have a renter as well you split by the area that is rented not by the days.

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Customer reply replied 3 months ago
then they would all be personal days because the renter's percentage is only 10%? How do I enter the days?

You would not enter the days. You claim 90% personal for 170 days and 100% for the remaining days. 10% for the 170 days. Do the calculations on paper and keep that copy with your return in case you are asked the you report the actual amounts on your E and Schedule A.

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Customer reply replied 3 months ago
Ok. I'm using TurboTax is the issue and it asks you to enter personal vs rental days. Not sure I like the software. Might prefer just using the darn worksheets.

I do not use TurboTax so I am not going to be much help (long distance) for navigation.

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Customer reply replied 3 months ago
Yeah, I think this may be the end of my using it. They try to ask you questions and do it for you with technology, but you can't be sure things are applying right.

Over engineering (like a German made Lincoln).

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Customer reply replied 3 months ago
Exactly.
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